Robinhood to roll out US stock trading in British market
Robinhood CEO Vladimir Tenev said in an interview with Bloomberg that the company is still focused on its global aspirations, and its U.K. expansion is one step toward that.
In another attempt to expand its business internationally, online trading platform Robinhood has announced plans to launch its stock exchange application in the United Kingdom.
In an interview with Bloomberg, Robinhood co-founder and CEO Vladimir Tenev said that the app has already opened a waitlist for those who want to get early access. The executive added that the company is set to gradually open its platform to everyone in the U.K. in early 2024. Tenev explained.
“The intention is, for the U.K. market, Robinhood to be the best place to invest U.S. stocks, U.S. dollars, and we believe we can fill that need better than anyone else.”
The launch will allow users in the U.K. market to trade 6,000 stocks in the United States. According to Tenev, Robinhood will also roll out its 24-hour trading feature in the United Kingdom. The feature was recently implemented in the U.S., according to Tenev.
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The move restarts Robinhood’s attempt to reach a more global market. “I aspire for Robinhood to be a global company. That’s been the plan from the very beginning,” Tenev said.
“Baiju and I started this company as immigrants and children of immigrants, and so, the idea of making our services […] available to anyone in the world is just the vision that I had in mind from the very beginning,” Tenev explained in the interview.
This is not the first time that Robinhood has attempted to penetrate the U.K. market. In 2019, the company tried to launch its trading app in the U.K. after receiving approval from the Financial Conduct Authority, a major U.K. regulator. However, in 2020, the company announced that it was postponing its U.K. launch and freezing its global expansion plans indefinitely.
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